Home / Crime and Justice / Telegram Hosts $21B Black Market Post-Sanctions
Telegram Hosts $21B Black Market Post-Sanctions
15 Apr
Summary
- Black market Xinbi Guarantee facilitated $21 billion in crypto transactions.
- Xinbi was sanctioned by the UK for scamming and human trafficking.
- Telegram has not removed Xinbi accounts despite sanctions.
For three and a half years, Telegram has hosted Xinbi Guarantee, a significant Chinese-language black market. This platform facilitated money laundering for crypto scammers and offered illicit goods, contributing to extensive criminal operations.
Despite repeated alerts from researchers and a UK government sanction in late March, Telegram has not removed Xinbi's accounts. In the 19 days after sanctions, Xinbi processed $505 million in transactions and gained tens of thousands of users.
Security researchers are baffled by Telegram's inaction, noting the platform's hosting of such extensive criminal activity in full view. This continued operation on Telegram is concerning given the market's alleged involvement in human trafficking.
Previously, Telegram defended hosting such markets, citing user needs to circumvent authoritarian financial controls. However, investigations reveal Xinbi's primary use for money laundering, supporting scam syndicates operating human trafficking compounds in Southeast Asia.
